Tip #269: Take out a Reverse Mortgage

Another option to consider if you are retired is a "reverse mortgage." This may offer a viable option for you if you find that you must adapt your home to accommodate a disability or some limitations that may accompany aging. Reverse mortgages are essentially loans against the equity in your home. The difference is that your repayment is very small or nothing until you sell or transfer title to the property or until the home is sold upon your death.